🧾 What This Document Is

This is a Form 6-K, which is a report a foreign company (in this case, from Brazil) files with the SEC to share important events with U.S. investors. This specific filing contains the official minutes from two key shareholder meetings held by the Energy Company of Paraná (Copel) on April 23, 2026: its 71st Annual General Meeting and 213rd Extraordinary General Meeting. It's the formal record of what the shareholders decided.

👉 In simple terms: Think of this as the "official notes" from a big company meeting where owners (shareholders) voted on the company's 2025 results, 2026 spending plans, and who gets to sit on the board.

🏢 What The Company Does

In simple terms, Copel is a major electric utility company based in the state of Paraná, Brazil. It generates, transmits, distributes, and sells electricity. It's like the power company for a large region, similar to a state-sized version of Con Edison or Pacific Gas & Electric.

💰 Financial Highlights (2025 Results)

The shareholders approved the financial results for the year that ended December 31, 2025. The big number everyone focused on was the Net Income: R$2.69 billion (R$2,688,613,402.80). Here’s how they decided to use that profit:

• R$134 million goes to the legal reserve (a required savings account).
• R$43 million is an accounting adjustment related to asset values.
• R$1.10 billion was already paid out to shareholders on January 19, 2026, as "interest on equity" (a type of dividend).
• R$1.50 billion will be kept as retained earnings to fund the company's future investment projects.

👉 Why it matters: Over half of the 2025 profit (R$1.5 billion) is being reinvested right back into the company, signaling a focus on growth and infrastructure rather than paying it all out as dividends.

🚀 Key Moves & 📦 Financial Position

Shareholders approved a major Capital Budget for 2026 totaling R$3.02 billion (R$3,021,288,866.00). This is the money Copel plans to spend on building and upgrading its power infrastructure, like power plants, grids, and technology. The R$1.5 billion retained from 2025 profits is a key funding source for this plan.

👉 Why it matters: This is a significant investment, showing the company is in expansion or modernization mode. This spending will shape its future capacity and efficiency.

👥 Board & Governance Changes

The meetings also focused on electing the people who oversee the company.

1. Supervisory Board (like an Audit Committee): Three regular members and their alternates were elected. Demétrius Nichele Macei was elected as a regular member.
2. Board of Directors: Harry Schmelzer Junior was elected to fill a vacancy. Shareholders also formally confirmed he meets the criteria for an independent director, which is important for good corporate governance.

👉 Why it matters: Fresh oversight and independent voices on the board are crucial for keeping the company accountable and making sure it's run properly for all shareholders.

📅 Key Dates & Final Details

• The meetings were held virtually on April 23, 2026.
• Newly elected board members must officially start their roles within 30 days of the meeting.
• The global compensation for top executives, the supervisory board, and committee members for 2026 was set at up to R$65.5 million (R$65,458,216.46).

🌍 Industry Context

As a Brazilian utility, Copel operates in a regulated market where government rules heavily influence what it can charge for electricity. Its performance and investment plans are closely tied to Brazil's economic health and energy policies. Large, planned capital budgets are standard for utilities, which are capital-intensive businesses.

📈 What This Signals

This filing signals stability and a forward-looking strategy. The company is:

• Rewarding shareholders with a significant past dividend payment.
• Reinvesting heavily in its own future with a multi-billion reais budget.
• Maintaining governance standards by appointing independent oversight.

🧠 The Analogy

Imagine Copel as a large, reliable family farm. The annual meeting was the family gathering to review the year's harvest (2025 profit). They decided to:

1. Pay some profits out to family members (the dividend already paid).
2. Save a big portion to rebuild the irrigation system and buy new equipment for next season (the R$3.02 billion capital budget).
3. Elect new members to the family council to ensure the farm is managed wisely (board elections).

The farm isn't chasing flashy trends; it's focused on maintaining its land and equipment to ensure a steady harvest for years to come.

🧩 Final Takeaway

Copel is executing a classic utility playbook: generating steady profits, paying a portion to owners, and reinvesting the bulk into critical infrastructure to ensure long-term reliability and growth. The shareholder meeting was routine but confirmed this stable, investment-focused path forward.